320 S. Grant St, West Lafayette, IN 47906
Grant Street Station and South Street Station is a two property student housing portfolio located within two blocks of the Purdue University Campus in West Lafayette, IN .
The properties boast a track record of high occupancy and both are currently 100% leased for the 2016-2017 school year with 12-month leases with parental guarantees.
South Street Station and Grant Street Station is a two property student housing portfolio located within two blocks of the Purdue University Campus in West Lafayette, IN . Out of the comparable off-campus housing properties in the market; they are one of the closest to campus at 0.25 miles vs the average distance of the other properties at 2.73 miles. The properties boast a track record of high occupancy and both are currently 100% leased for the 2016-2017 school year with 12-month leases with parental guarantees. Grant Street was built in 2013 and South Street is just over a year old having been completed in 2015. The properties have newer construction and are fully amenitized.
Property Profile
Grant Street Station
South Street Station
Unit amenities include:
Property amenities include:
Grant Street Station has an apartment unit mix of 1,2,3,4 bedroom units ranging from 600 -1,140 sq ft. A majority of the units (53%) are two bedrooms.
South Street Station has an apartment unit mix of 1,3 and 4 bedroom units ranging from 620 -1,342 sq ft. A majority of the units (70%) are 1 bedroom.
Purdue University has some 40,451 students on campus, fall semester of 2016 setting the record for its largest enrollment. Officials say Purdue’s growing reputation for excellence with affordability, in addition to the high return on investment from a Purdue degree can be credited for some of the increase.
Nelson Brothers believes the off-campus student housing market surrounding Purdue is currently strong. The current market which includes 11 comparable properties (excluding the portfolio properties), had a collective occupancy of 94.07% for 2015-2016 vs. Grant Street Station and South Street Station having a collective occupancy of 98.90%. Of the 11 comparable properties, only two properties are considered Class A like Grant and South Street Station – the remainder are Class B.
Student Housing
Nelson Brothers believes a flagship Division I school, such as Purdue University, near a large metropolitan city (Indianapolis), offering a strong globally recognizable degree, will stay in high demand over the next decade.
16B Journey | Aliso Viejo, CA 92656 (800) 580-1031
Current Management Portfolio At-A-Glance:
Founded in 2007, Nelson Brothers specializes in what the firm considers to be well-positioned student housing properties. Headquartered in Orange County, CA, Nelson Brothers manages over $500 million in real estate with more than 100 employees.